Europe close: Stocks finish higher
By Alexander Bueso
Date: Thursday 23 Feb 2023
(Sharecast News) - European markets moved higher on Thursday even after the release of data showing that the US jobs market remained tight while inflation estimates for the fourth quarter were revised higher.
Investors were also digesting meeting minutes published overnight by the US Federal Reserve showing more interest rate hikes would be used to fight inflation.
The pan-European Stoxx 600 index edged up 0.06% to 462.50 with most major markets higher, bar Britain's FTSE 100, which was down 0.29% due to the drag from several heavyweights going ex-dividend.
Germany's Dax added 0.49% to 15,475.69 while the FTSE Mib put on 0.65% to 27,277.62.
In European economic news, the cost of living in the eurozone fell a tad more slowly at the start of 2023 than previously thought.
According to Eurostat, the single currency bloc's consumer price index declined at a month-on-month pace of 0.2%. That brought the annual rate of increase lower from 9.2% in December to 8.6% for January (Preliminary: 8.5%).
It was a similar story at the core level, which excludes food, energy, alcohol and tobacco with year-on-year core CPI printing at 5.3% (Preliminary: 5.2%) , against 5.2% in the month before.
In earnings news, aircraft engine maker Rolls-Royce surged 24% after reporting a rise in operating profits as the rebound in post pandemic international travel boosted flying hours for its engines.
Animal genetics company Genus jumped on increased annual profit.
Paper and packaging firm Mondi fell after warning of softer demand and pricing in the current year, despite posting higher profits in 2022.
BAE Systems was flat despite hailing a record order intake for 2022 and posting a rise in sales and underlying earnings amid an "elevated threat environment".
French hospitality group Accor rose as full-year operating profit grew from to €543m from €53m, driven by domestic guests, while hotel performance in the second half of the year exceeded 2019 levels in all regions but Asia, where China's zero-Covid restrictions weighed.
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